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Don't Ignore This Easy Profit Booster
Get more sales from your existing buyers!
Chris Laub
November 08, 2024
1,034 Words | 4 Min 17 Sec Read
Welcome to another issue of Passionate Income.
Today we’ll be discussing a leverage point both product and service businesses can use to increase sales without having to invest more time, money or energy into attracting new buyers.
Let’s dive in.
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Looking for a way to dramatically increase revenue and profit without having to invest time, money, and energy into acquiring new customers or clients?
If so—and your business revolves around selling a product or service—then you’ll love today’s idea.
See, almost every entrepreneur wants to earn more income. For most of us, this means getting more customers, clients, or patients.
The problem is that acquiring more customers and clients requires investing more resources into marketing and sales.
This process, as you likely know, can be both expensive and time-consuming (not to mention draining).
Fortunately, there’s a small part of the customer acquisition process that 99% of entrepreneurs overlook.
When you focus on this well-known but often overlooked aspect of your business, the results can be dramatic.
So what am I talking about?
Your onboarding process.
When someone decides to spend money with you, whether they’re purchasing one of your products or paying for your services, nobody is more excited to do business than a customer who just pulled out their wallet.
However, every hour that goes by after the money changes hands, their enthusiasm drops from excited to neutral to doubtful. And for better or worse, doubtful customers can wreak havoc on our profit margins and referral potential.
See, when the customer hasn’t made a payment yet, it’s them who has the leverage.
Why?
Because they know you want their money.
Once the payment is made, however, the balance shifts in your favor.
Mainly because you either have to provide the product or service they paid for, or refund their payment.
If things go south and you don’t refund their money, they then have to get involved in the messy process of calling their bank to submit a chargeback. And that’s assuming they live in a country where chargebacks are even possible.
In short, your buyers put themselves in a vulnerable position when they decide to do business with you.
So what does this have to do with attracting more customers and clients?
By optimizing your onboarding process to maximize trust, you can dramatically reduce—if not eliminate—the doubt customers feel immediately after paying you.
Even better, moving someone from doubtful to neutral to positive can have an even bigger impact. As an example, let’s say there are two agencies.
Agency #1 accepts your payment, tells you the onboarding process typically takes one business week, forwards you some information about the process, and then disappears to begin work.
On the surface, there’s nothing wrong with this, as the agency hasn’t done anything to indicate they won’t uphold their end of the bargain.
The only problem is they haven’t done anything concrete to show they will uphold their end of the bargain.
This, in turn, plants seeds of doubt.
On the flip side, let’s take Agency #2.
After accepting your payment, Agency #2 immediately calls you so the salesperson you’ve been dealing with can introduce you to your new account manager.
On the call with your account manager, they lay out a day-by-day roadmap of what will happen over the coming business week before your service begins.
Next, imagine your account manager sends you a 30-second video (or audio message) every day, letting you know what progress has been made and that everything is on schedule.
Even better, imagine that after 48 or 72 hours, you receive a chocolate-covered fruit bouquet with a handwritten note from the agency’s CEO.
Now, be honest: Which agency leaves you with a stronger first impression?
More importantly, which agency are you more likely to tell your network about?
Obviously, it’s Agency #2.
And it’s not even close.
Sadly, the way most digital business owners operate is much more akin to Agency #1.
Fortunately for you, your competitors' weaknesses are opportunities to be exploited.
And it’s not just service businesses this works for. Because the same principle applies to products just as much.
As it relates to physical products, you can send an abundance of emails and text messages updating the customer on their order’s status.
Rather than using generic language about the order being “pending” or “processing,” set up your tech stack to show whether the item is being taken off the shelves, is being packed, etc.
As it relates to digital products, don’t make the mistake of thinking that just because digital products are delivered instantly there aren’t opportunities for you to improve your process.
From setting up email automation to ensure customers get the full value out of what they just purchased - to having someone on your team send a personalized Loom video to every buyer - there are various things you can do to improve your onboarding.
In conclusion, your customers and clients will never be more excited than the moment they pull out their credit card to buy something from you.
But those emotions can quickly turn negative if your company behaves in a way that causes them to think they made a mistake.
So, rather than let doubt creep in, show them they made the right decision. Then watch as their loyalty—and the number of referrals they send you—explodes.
💡 Takeaway: Rather than let your newly acquired customers slip into doubt, overwhelm them with a positive onboarding experience. Doing so not only builds trust (which increases the likelihood of them being satisfied and sticking around), it also skyrockets the odds of them sending you referrals.
🎁 Resources:
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